A luxury penthouse in Auckland's newest skyscraper is currently on the market for $15 million.
Fifty-one Albert, a 41-level tower in the heart of the city, is almost complete - and the agency selling its apartments believes strong demand is a sign of the CBD's revival.
Australian developers Ninety-Four Feet retained the façade of the original 1912 building, at 51 Albert St.
It's a point of difference in an increasingly populated skyline.
"There's been a few that've stalled over the past couple of years with the cycle change, so it's great to see this one coming to completion and there are other plans afoot," said Mark Harris, managing director of Sotheby's Realty.
The soon-to-be-completed $250-million tower will boast a new hotel and 30 apartments.
Sotheby's Realty has sold nearly all the apartments already.
"I actually bought one in here myself," Harris told Newshub.
With sweeping views of Tāmaki Makaurau, the penthouses demand a pretty price on the top two floors - the highest is selling for $15m.
While the view is spectacular, down below the blocked off streets are a reminder of disruption caused by City Rail Link (CRL) construction.
And the empty retail spaces reflect the economic turmoil of a pandemic that bruised businesses.
"It's been a couple of flat years," said Harris.
But data collected by commercial real estate company JLL suggests that Auckland's city centre is making a comeback.
Retail vacancies in the CBD are down 7.3 percent on last year, while rents are up by 5.4 percent. This was driven by activity at the upper end of the market.
Nine out of the city's 26 office towers have zero vacancies, including the ANZ Centre and PwC Tower.
"I think there is definitely a future for high-rise," said Gavin Read, head of research at JLL.
"There's certainly been talk about new high-rises coming into Auckland."
Bill McKay from Auckland University's School of Architecture is an advocate of building up rather than out.
"Apartments and high-rise buildings really are the future," he told Newshub.
He told Newshub that's because he's worried about Auckland's extreme urban sprawl.
"A lot of people think Auckland's pretty built up. It's not really.
"There are pockets of space all over the place, including the central area," McKay said.
And Read is optimistic about central Auckland's future.
"Over the next two to five years, once CRL comes on board and we do more work around where those opportunities are, I think the city has a bright future," he said.
